An insurance broker players such a big role in our society and that is because over the last decade insurance and the business of insurance has really boomed. Insurance which was an unheard of concept in the past, is now an everyday topic. Insurance companies, offer to insure almost all aspects of our lives. From motor insurance to health insurance to the insurance of pets and even body part, it seems that there is not an aspect of life which the insurance market has not managed to capitalize on. Now whether the need for such extensive insurance is necessary is debatable, but it is true that selling of insurance does serve as a major security blanket for millions of people. If you were ever in a car accident or if your house was burgled and you could claim against your insurance you would know what a relief it was to have that insurance cover.

So you have the insurance company, and then you have the person wanting insurance and then you have the insurance broker. The insurance broker is the person who negotiates, and meditate between the two parties, and in some cases also sells. The roles of an insurance broker, are varies and may change all the time depending what he is called to do and who needs his assistance.

And insurance broker may either work for an insurance company or an insurance broker may work for himself. When an insurance broker works for a particular insurance company, he is not strictly speaking an insurance broker but an insurance agent. He sells different insurance products which is on offer by the company for which he works. And he is only allowed to sell their products. An insurance broker on the other hand, works as an independent body, who is an expert in the field of insurance. In this role, he will search the insurance market and scout for an insurance product which best suits your needs from a number of different companies. He usually has a list of insurance companies with which he works, and then acts as a mediator and facilitator between you and the insurance company.

Brokerage fees can be very high depending on various factors one of them being the product. Simple insurance products, such as household and car insurance for example should not have high fees at all. An insurance broker is either paid on commission basis only, or they can be paid a salary and a commission or just a salary.

How does the insurance broker help you?
When you visit an insurance broker and you have the need to insure something, the insurance broker will get the best quotes of different policies on the market. He or she will then explain the benefits or disadvantages of the different policies, he has found for you. The insurance broker will explain in detail what the fine print means before you buy a particular product.

Insurance brokers also have access to special rates and deals, which you as an individual will not be able to get for yourself. So in order to get the best deals and the best cover, speak to an insurance broker to get expert advice.

For more information about insurance broker, please visit our website on http://www.afi.co.za/